We will probably be seeing a lot about this in the blogosphere and the financial media. Gold is for the first time just now making a move to break through the top line of the falling wedge that has comprised its entire bear market. The confirmation of a new bull phase/market would be a successful rise above the 1375 level of July, 2016.
Other factors in play to create a positive precious metals backdrop would be weakening stock markets (they are red this morning) and for a risk ‘off’ backdrop to develop (Treasury bonds are up again this morning).
Add in the drama with the GDXJ rebalance, which has washed out so many good gold stocks and just maybe this will be a pivotal week.
We’ll flesh out all of that stuff going forward, but I did want call your attention to the gold breakout in the event you have not already seen it.